Get the chip replaced.
Albion, feel free to contact me if you feel like the chip should be replaced.
I have two chips that do exactly the same as described in this post. The first was a problem from the outset and the second worked for a few days and then the problem showed up. I've taken a number of steps to try to rectify the problems. I can confirm that the ferrite man wires do NOT touch the motor casing at all. The car is a Scalextric Ford GT40 with a plastic chassis. The controller is SCP3. Chips in all the other cars work exactly as they should.
1. I've tried the chips in a different car (Slot.it Porsche) but the same problem occurs.
2. I tried re-soldering the base of the antenna, again no change.
3. I replaced the antenna with another wire - still the same.
I also had another chip where the LC LED never worked from day one. Attaching an external IR LED did not fix that problem either.
Armchair Racer in Sydney have replaced two of the chips. The LC problem chip and one of the others. The second (antenna related???) chip only failed yesterday.
I would really like to know what the main cause of these failures is likely to be, Would it be worthwhile returning them to Slot.it in Italy for investigation.